Science and technology theme fund trading path exposes polarization of positions
Original title: The path of the science and technology theme fund’s trading exposure reveals the polarization of positions. Through the public funds, the three quarterly report concentrated disclosure period, and the closely watched science and technology theme fund positions have surfaced.  According to statistics from 21st Century Business Herald reporters, as of the afternoon of October 23, three science and technology theme funds (including one science and technology power theme fund) have disclosed three quarterly reports.From the perspective of stock positions, most funds choose mid-to-high positions to operate, of which there are already 5 with positions above 90%.However, there are also individual fund stock positions at very low levels, and a large number of positions are allocated on bond assets.  Judging from the situation of heavy storage stocks, the above 10 science and technology theme funds have different holding styles. They do not always choose to re-allocate science and technology board stocks. Some funds also have Hong Kong stock technology stocks.  From the perspective of the returns since the establishment, the 10 funds also have obvious polarization. The “head-to-tail difference” between the highest and lowest yields is 18.57%.  Obviously, there are obvious differences in the trading path of these batches of science and technology theme funds established at a similar time.  Polarization of positions Some people approached full positions, and others operated light positions. The first quarterly report of the science and technology theme fund revealed the path of polarized positions.  According to statistics from reporters, among the science and technology theme funds that have disclosed three quarterly reports, the highest stock position is the rich country science and technology theme theme for 3 years.The fund was established on June 11, and it terminated 99 stock positions at the end of the third quarter.23%, has approached the full position infinitely.  From the perspective of industry distribution, the three-year theme of Wells Fargo is an absolute realignment of manufacturing stocks, and the proportion of these stocks in the fund’s net asset value has reached 81.63%.  Specifically, the top ten heavy stocks in the three years of the theme of Wells Fargo are Sanqi Mutual Entertainment, Hikvision, Dahua, Huayou Cobalt, Chunfeng Power, Hanrui Cobalt, Jiayuan Technology, MaiFor shares, Jiejia Flextronics, Tianshun Wind Energy.Of these 10 stocks, only Jiayuan Technology is a science and technology board stock, indicating that the fund’s positions are still concentrated on the main board.  Behind the high position operation, the three-year fund manager of Wells Fargo Science and Technology also explained in the quarterly report.It pointed out that “the idea of stock selection is still driven by profit growth, combined with the company’s long-term profitability and the current estimated level of bottom-up screening, positions are relatively balanced.The Fund pays more attention to investment opportunities in the fields of media, new energy and medicine.”It is similar to the theme of rich country science and technology innovation for 3 years. The wealth of four fund positions including rich country technology innovation, Huitianfu technology innovation A, Huaxia technology innovation A, and Donghai science and technology power A are also over 90%, but their holding styles are different.  Among them, Fuguo Technology Innovation reconfigured the pharmaceutical industry and information transmission, software and information technology sectors; Huitian Fu Technological Innovation A was equipped with pharmaceutical, IT and high-end manufacturing sectors, with an industry distribution ratio of 2: 3: 3; and Huaxia TechnologyInnovation A continued to configure a large number of 5G communication industry chains, and configured a reversed consumer electronics industry chain and excellent chip design companies.  It is worth mentioning that none of these three funds is allocated with science and technology board stocks.Therefore, some former theme fund managers stated that “the early stage of the science and technology board is mainly based on participating in new development, because the related speculation makes the relevant stocks estimated to be high, and it is not suitable to buy.In addition, the subject of scientific and technological innovation is broad, and there are also a large number of optional targets on the motherboard.Although different fund managers will have preferences in their positions, they will still focus on the theme of technological innovation.In proportion to the continuous fund, Dacheng Science and Technology Innovation theme closed operation for 3 years, GF Science and Technology theme closed operation position for 3 years is relatively cautious, and the stock positions at the end of the third quarter were 65.88% and 40.57%.  The lowest position comes from Huaan Fund’s theme of 3 years.The fund was established on June 11 this year, and its stock position at the end of the third quarter was only 2.48%.  It can be seen from its quarterly report that the fund allocates most of its funds to bond assets.However, although its stock position is extremely low, it also holds a certain number of science and technology board stocks, namely Transsion Holdings, Hanchuan Intelligent, and Western Superconductor. The corresponding stock market value is 133 in turn.320,000 yuan, 55.620,000 yuan and 45.340,000 yuan.  The theme of Huaan Science and Technology Innovation in the three-year quarterly report stated, “The Fund is currently in the period of building positions, and the stock operation part is actively participating in the issuance of new shares of the Science and Technology Innovation Board.The bond operation part is mainly to build a high quality 1-3 year AAA science and technology theme credit bond.”As a whole, the average stock positions at the end of the report of the 10 science and technology theme funds that have disclosed three quarterly reports are 74.13%, at the middle position level.This shows that the science and technology theme funds established since the second quarter have maintained a relatively positive rhythm of opening positions. From the information in the third quarterly report, these funds are also more optimistic about the later interpretation of technology themes.  The yield difference between the head and tail is 18.57% It is worth mentioning that due to different position selection and target configuration, the three-quarterly reported science and technology theme since the establishment of the net value returns since its establishment has also significantly differentiated.In the ranking of the income list, the gap between the top two and the bottom two fund returns is close to 19%.  Specifically, Huaxia Technology Innovation A is the most outstanding of the 10 funds.It was established on May 6, and terminated on October 22, with a return of 17 since its establishment.06%, well above the race average of 12.55% yield level.  Followed closely by Huitianfu Technology Innovation A, which was established on the same day, the return since the establishment was reset15.79%; ranked third is the 3 years of ICBC technology innovation, the return since its establishment was 13.48%.  In contrast, the Caitong Science and Technology Innovation theme’s earnings performance since the establishment of the closed operation fund for three years has been rather poor.The fund was established on July 11, and as of October 18, its income was reset to -1.51% is the only one of the 10 science and technology theme funds with negative returns since its establishment.  According to the three quarterly report of the three-year theme of Caitong Science and Technology Innovation, the fund will make greater efforts to deploy consumer electronics in the third quarter, and heavy storage stocks will also be concentrated in this area.The reporter noticed that 杭州龙凤体验网 if we look at the time period since the establishment of the Caitong Science and Technology theme 3 years heavy warehouse, the performance of its heavy warehouse stocks can be described as extremely outstanding, and the growth has been fully realized. Among them, many stocks have increased by 40% or even 50%, Gore, the largest heavy storage stock, rose more than 80%.The three-year replacement of the Caitong Science and Technology theme has achieved outstanding results, most likely because its replacement opened positions before these stock prices rose.  However, the three-year manager of Caitong Science and Technology Innovation still expressed optimism on consumer electronics in the third quarterly report.It pointed out, “As we slowly enter the 2020 era, the second year of 5G construction is about to start. We believe that 苏州桑拿网 the investment opportunities for consumer electronics will be significantly greater than the communications industry, and the industrial investment context will also transition base stations to hardware terminals.Phase electronics industry will be the focus of our individual stock mining.”In general, benefiting from the outbreak of technology stock market after the second quarter, the 10 science and technology theme funds that have disclosed the third quarterly report still have relatively good returns, with an average return of 8%.  Of course, for these funds that have not been established for more than two quarters, short-term returns are not very comparable, and the real return war has to look at the long-term.  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